[Bitop Review] Crypto Crash: Bitcoin Dips Below $91K, SOL, DOGE and LINK Plummet 40% in 30 Days!

Market Update: Bitcoin and Ethereum Drop Amidst Liquidations

Bitcoin Declines

At approximately 6 a.m. today (25th), Bitcoin initiated a significant decline. Data indicates that shortly before 8 a.m., it reached a low of $90,850, its lowest value since January 13. At the time of writing, it trades at $92,054, a drop of 4.05% in the past 24 hours.

Ethereum Falls Below $2,500

Potentially influenced by the Bybit hack, Ethereum has exhibited an even sharper downturn. Commencing around 6 a.m., it mirrored Bitcoin's trajectory, dipping below $2,500 and reaching its lowest point since February 3. As of now, it stands at $2,499, experiencing a drop of over 10% in the past 24 hours.

Mass Liquidations

According to Coinglass data, total liquidations across the network in the past 24 hours have reached an astounding $956 million. Notably, long positions accounted for $884.5 million of liquidated value, while short positions liquidated $71.11 million. Over 314,000 traders were liquidated during this period.

Widespread Declines Among Top 10 Tokens

Most major cryptocurrencies have witnessed declines in the past 24 hours, 7 days, and 30 days. Among them, SOL, DOGE, and LINK have suffered the most, plummeting by 44.84%, 40.39%, and 39.89% respectively in the past 30 days. ADA and XRP followed closely behind, with losses of 30.15% and 25.95% respectively over the same period.

Market Sentiment

Of note, alternative data reveals that the Crypto Fear & Greed Index has dropped from a neutral 49 yesterday to an "extreme fear" level of 25 today. While not an infallible indicator, historical patterns suggest that when market sentiment reaches extreme fear, the market may be nearing a short-term bottom.

Disclaimer: This information should not be construed as investment advice or an offer to buy or sell any financial instruments.